Having improved its finances, the Pakistani government ended its IMF program in 2004.

Phase one of the IMF program included major financial and monetary reforms, including floating the currency, reducing the budget deficit, and cutting subsidies.

While some trade liberalization measures were included in the IMF program, the trade area was not the main part of it.

Mozambique's new IMF programme is almost entirely the work of Washington draughtsmen.

Prime Minister Mikhail Myasnikovich said the IMF programme could last for three to five years.

Under this IMF program, 22 nations have shown sufficient development progress that they have passed the "completion point" at which lenders have agreed to forgive loans.

The IMF program fell apart, predictably, though earlier than most people expected.

The government failed to meet the conditions of the first four IMF programs.

A second reason why bulls have taken heart is that, after a two-year IMF programme which ended in March, the government is now going for growth.

On the economic front, Iceland's banking and fiscal consolidation in the framework of the IMF programme has been impressive.